logo
Share SHARE
FONT-SIZE Plus   Neg

American Financial Reveals Favorable Court Ruling In Tax Case With IRS

Insurer American Financial Group Inc. (AFG) Friday revealed a favorable court verdict regarding a tax case with the IRS.

The company has been involved in litigation with the IRS regarding the calculation of tax reserves for certain annuity reserves pursuant to Actuarial Guideline 33.

In an unanimous decision today, the the Sixth Circuit Court of Appeals in Cincinnati affirmed the Summary Judgment of the District Court in favor of American Financial.

As a result, unless the IRS determines to seek a discretionary appeal of this decision within 90 days, the decision will become final, and the company said it will record non-core after tax earnings of about $27 million, or $.28 per share.

The company continues to hold discussions with the IRS involving subsequent tax years.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Poultry giant Sanderson Farms has blamed the national anthem protests in National Football League for its lower sales for the fourth-quarter and full year. Sanderson Farms, which is one of the biggest chicken providers in the US, said that NFL protests involving players taking a knee during the national... Amazon would reportedly sell Google's Chromecast streaming adapter for this Christmas. The online retailer giant has banned the product from its site for the last two years and has presumably settle the issues. Though the product is not available for sale, it has listed 4K-capable Chromecast Ultra adapter. Europe's no-frills airline Ryanair recognized pilot union for a smooth holiday season ahead. The airline had a discussion with its pilots union in Britain, Germany, Italy, Spain, Ireland, Portugal to iron out the issues. The pilots working for Ryanair have been enjoying different status and many of them were reportedly not in the rolls as full timers.
comments powered by Disqus
Follow RTT